Can any stablecoin topple tether? In 2019, the answer to that question was an emphatic ‘No.’ Despite a string of stablecoins being released onto the market, tether (USDT) increased its grip on the cryptoconomy’s fiat supply, racking up $127B of on-chain volume on Ethereum alone. This year, the king of stablecoins faces a renewed assault from Binance’s BUSD, Saga’s SGD, and a revitalized USD Coin (USDC). But can any of them claw market share from tether, or will the king of stablecoins increase its stranglehold?

Also read: Competing Stablecoins Can’t Topple Tether

Stablecoin War Enters a New Phase

Tether’s market cap serves as a good barometer for the crypto market. When USDT commands a top four spot, it’s a sure sign that the outlook is bearish and traders are seeking refuge in tether as they try to time bitcoin’s next move up. When tether drops a few places, as has occurred in the past week, it can be taken as evidence of bullish conditions returning. At press time, USDT sits in sixth with a market cap of $4.1B and litecoin and

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Source: https://thebitcoinnews.com/new-stablecoins-commence-a-fresh-assault-on-tether/